The Ottawa Real Estate board’s recently released statistics show that home buyers are still actively searching for properties. Sales were up over 7% (year over year) in spite of the low inventory, which is a trend that is continuing from 2017. January 2018 listings 994 (RES) and 406 (CONDO) compared with the 5 year 1,396 for residential and 500 for condominiums. If the decrease in supply in both the residential and condo markets continues into the Spring, it may put an upward pressure on prices. If you are thinking of selling this is a great time to get your home on the market.

Below we’ve included the latest news release from the Ottawa Real Estate Board. Please note: average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. We have access to current statistics and trends in our neighbourhoods and communities, it’s our job to stay on top of the market trends! We have up to date Real Estate Market Reports readily available for you and we love to chat real estate – contact us anytime!

Members of the Ottawa Real Estate Board sold 712 residential properties in January through the Board’s Multiple Listing Service® System, compared with 664 in January 2017, an increase of 7.2 per cent. The five-year average for January sales is 638. “While January is typically the month we see the lowest number of listings come onto the market, the numbers for this month are very low,” Rick Eisert, 2017 President of the Ottawa Real Estate Board, observes.

“The five-year average for new listings in January is 1,396 for residential and 500 for condominiums. January 2018’s listings were at 994 and 406 respectively.” “We saw this trend throughout 2017, and the result is our resale market is being challenged by decreasing supply in both the residential and condo markets. Furthermore, as the supply continues to be reduced, it will tend to put an upward pressure on prices. This is simple supply and demand economics,” he adds.

The average sale price of a residential class property sold in January in the Ottawa area was $427,487, an increase of 8.8 per cent over January 2017. The average sale price for a condominium-class property was $263,744, a decrease of 8.6 per cent from January 2017. The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood. January’s sales included 173 in the condominium property class and 539 in the residential property class.

“Sales in the residential property class this month were on par with January 2017 with a minor decrease of 1.1 per cent. Unit sales in the condo market, however, have seen an increase of 45 per cent from 119 units sold in January 2017 to 173 units in January 2018,” Eisert explains. “The most active price point in the residential market is the $300,000 to $449,999 range, accounting for 47.5 per cent of the market. While the most active price point in the condo market, between $150,000 and $249,999, accounts for 55 per cent of the market,” states Eisert. “There is a marked increase in the number of condo units sold in the lower end of the market specifically. This is likely due to the attractive lower price point and the fact that the demand is there.”

“For homeowners thinking of selling, this is a good time to get your property on the market before spring,” Eisert advises. “Since inventory is currently low, sellers will certainly get attention because selection for buyers in some areas, in particular, is quite limited.” In addition to residential and condominium sales, OREB Members assisted clients with renting 166 properties since the beginning of the year.

Kim Vo

From the first discussion about the possibility of selling my house to the conclusion of the entire process, Kim was always quick to answer my questions and take care of what needed taking care of. She worked hard to make the house market-ready, and it all paid off – a good firm offer within a week of listing with many showings up to that date. If I was going to sell another house, I would talk to ...

I was extremely fortunate to have someone like Kim as my realtor. We all hope to have the perfect realtor. In this case, Kim’s knowledge, hard work and timely advice made her perfect for me because she helped maximize the value in my condo (with staging, open houses) and really allowed me to concentrate on the important things at the time like my family. She always listened to me and worked har ...

“We would like to thank Kim for her help in assisting us with our home purchase. We had a very compressed timeline for buying our home and Kim was very helpful in making our home buying process go very smoothly in a very short time by coordinating the services of mortgage broker, lawyer and home inspector for us. She was always available to answer our questions or concerns. We would definite ...

“My wife and I wish to thank you for the excellent service you provided on selling our house in a very professional manner. Your recommendations on comparables in our area was most appreciated. In difficult times when new home builders are giving many $$$ in bonuses to get the sales done. Again, thank you and we will recommend you to family and friends.”
C. & D. Larose – Sellers

“Kim was a pleasure to deal with. She is kind, curteous and quick to respond to any questions or concerns. Within less than a week, Kim was able to find and vet the tenants for my condo. She also handled all the paperwork and amendments in a timely manner. I highly recommend Kim to anyone looking for a highly dedicated real estate agent.”
J. Liu & W. Lim – Landlords

“I wish to commend Kim Vo of Royal LePage Team Realty at having done an exceptional job of preparing my home for sale. She skillfully advised me on the best asking price which resulted in a final sale price that far exceeded my expectations. Thank you for your responsible manner and guidance whilst representing me.”
B. Caldwell – Seller

“Thank you very much Kim, You made my purchasing as stress free as possible and help me with everything to make this property mine. I couldn’t have asked for a better Realtor. Thank you for everything!!”
M. Garrison – Buyer

“Kim is awesome! I had a unique property that was listed a few times but Kim came in and made it happen. She’s very professional but fun to work with and she’s very prompt at responding to calls or texts which is great to see despite her busy schedule. She also took the time to clean up the place and made the house way more presentable than I could’ve ever done. Thank you for getting the jo ...

“When I decided to sell my house in April I was planning to get a few Agents in to provide me with the market value of my home. After meeting Kim, I knew at that point she was the one that would sell it for me! She was energetic, very professional and arrived well prepared. She provided me with the information I needed to decide what to list my house for. A week later she had pictures t ...

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